Blogs

Wednesday, June 18, 2014, was a big day for big data. The Commerce Department participated in the inaugural Open Data Roundtable at the White House, with GovLab at NYU and the White House Office of Science and Technology Policy.

Where to locate your business or a new facility for your business is a complicated decision. Many variables are involved, and if you are considering a location outside of the U.S., there are many factors that may not be obvious. At Commerce, we have been focused on making this decision and all of its moving parts easier to digest, and a major part of that is Commerce's ACE Tool.

The Bureau of Economic Analysis will soon release real personal income statistics using regional price indexes to adjust BEA’s personal income data for differences in the cost of living across states and metro areas. These new statistics will inform decisions by businesses and households alike – from deciding where to move for a new job or locating a new company to helping economic development offices shape regional marketing plans and comparing economic performances across regions.

U.S. exports have continued to grow and reach record levels in each of the last few years. Moreover, forecasters such as the International Monetary Fund (IMF) predict that the world economy will strengthen in the next couple of years, which should further boost U.S. exports. Today’s blog examines the potential impact of the economies of our trading partners on U.S. exports.

Big Data and Open Data are all the rage these days. However, Commerce was into Big Data before Big Data was cool. As far back as 1790, we began collecting data on patents in the U.S. and the Census Bureau conducted the first Decennial Census the same year. In 1870, the National Weather Service was created – which today is one of the biggest data producing agencies around.

“If you go back a few hundred years, what we take for granted today would seem like magic – being able to talk to people over long distances, to transmit images, flying, accessing vast amounts of data like an oracle. These are all things that would have been considered magic a few hundred years ago”

Recent data confirms previous findings by the Commerce Department’s Economics and Statistics Administration (ESA): new hires in manufacturing continue to earn an average of 38 percent more than their counterparts in non-manufacturing jobs, according to 2012 data.

Digitally-deliverable services such as banking and telecommunications are important contributors to U.S. trade and the overall trade balance. When these services are considered as inputs throughout the production process, their value is even more apparent. Virtually no good or service is produced in the United States without input from one of the many digitally-deliverable services. Furthermore, the recent trend towards increased digitization shows no signs of slowing down.

Every month the Department of Commerce’s statistical agencies -- the U.S. Census Bureau and Bureau of Economic Analysis (BEA) --release approximately one dozen principal federal economic indicators (PFEIs) through their parent organization, the Economics and Statistics Administration (ESA). So, exactly what impact did the 16-day government shutdown in October have on those critical data releases?

About the Economics & Statistics Administration

The Economics and Statistics Administration (ESA) plays three key roles within the Department of Commerce (DOC). ESA provides timely economic analysis, disseminates national economic indicators, and oversees the U.S. Census Bureau (Census) and the Bureau of Economic Analysis (BEA). In this latter role, ESA works closely with the leadership at BEA and Census on high priority management, budget, employment, and risk management issues, integrating the work of these agencies with the priorities and requirements of the Department of Commerce and other government entities.